Archives: Brokers

Is Capital GMA Scam or Legit Broker?

No, it is not safe to trade with Capital GMA as it is not regulated. Capital GMA is owned and operated by Equalizer LTD. Registered address: 8009 Burgas City, Burgas Region; Burgas Municipality Transportna Str., No. 15, Floor 2, Apt. Office 1. Bulgaria. However, we didn't find this company in the register of the Bulgarian Financial Supervision Commission.

What is Capital GMA?

Capital GMA is a financial services provider, offering a selection of more than 70 financial assets as CFDs to traders from almost all around the globe. The broker claims to give its clients access to the world’s most exciting and volatile exchange market via their desktop, smartphone, or tablet device. Capital GMA also states they help clients make the most out of online trading, access liquidity, and manage risk effectively, their practical expertise, comprehensive technology, and unparalleled network allow them to deliver an unforgettable trading experience. However, it doesn't actually look that promising.

• The company mentions a British contact phone number without having an office there or more importantly, without being regulated in the UK.
• Moreover, Capital GMA has been blacklisted by the Italian regulator CONSOB:

“CONSOB  availed itself of the powers deriving from the “growth decree” regarding the blackout of the sites (including Equalizer Ltd. (website www.capitalgmafx.com) of abusive financial intermediaries, as well as the new power introduced by Law no. 8 of 28 February 2020, regarding the blackout of the site through which the abusive bid is made.”

Capital GMA Review Conclusion

We advise all investors and traders to avoid Capital GMA and other unregulated brokers (See our Fake Forex Brokers List South Africa). The lack of information (or false information) about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Cyprus and reliable brokers such as FP Markets and Alpari.

Capital GMA Update

Recently the Capital GMA website remains inactive, meaning the broker has muted its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals. 

Is Trading Epic Scam or a Legit Broker?

Trading Epic is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is Trading Epic?

Trading Epic is a broker that offers forex, commodities, stocks, indices, futures, and cryptocurrencies like Bitcoin. Their website also mentions binary options (See Licensed Binary Options Brokers). They don't disclose the company behind the brand's name, which is the first red flag for the traders as the hidden information about the company doesn't usually mean anything reliable and promising.

• According to the website, Trading Epic is regulated by the CFTC ( Commodity Futures Trading Commission) and is based in New York. The website also says that Trading Epic is regulated by the International Financial Services Commission of Belize, as well as the Cyprus Securities and Exchange Commission, licensed by the Financial Services Board (FSB) of South Africa, and is also registered with the Financial Conduct Authority of the UK. However, none of the regulators actually have this broker in their registers, so all these details are fake and Trading Epic has no license to provide financial services.
• Moreover, the Financial Conduct Authority has issued a warning against the broker:
  "This firm (Trading Epic) is not authorised by us and is targeting people in the UK. Based upon the information we hold, we believe it is carrying on regulated activities which require authorisation."

Trading Epic Review Conclusion

We advise all investors and traders to avoid Trading Epic and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and XM.com.

Trading Epic Update

Recently Trading Epic website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case their receive trading proposals. 

Is Monfex Scam or Legit Broker?

No, it is not safe to trade with Monfex. Monfex is owned by TENB Ltd., an offshore International Business Company incorporated under the laws of Saint Vincent and the Grenadines.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as GoldFxTrading, TraderUR and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Monfex?

Monfex is a broker that Forex and cryptocurrency trading. There is no confirmation about the regulatory compliance and the necessary protection of the clients, which enables international investors to trade assured that their funds are protected. The broker doesn't provide its address, but only the contact phone number, which has a British country code. This is supposed to mean that the company is located in the UK, however, we have got no proof from the local regulator Financial Conduct Authority.

• According to the terms and conditions, the broker is registered with the Financial Commission under the number 25024 IBC. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

Overall Monfex Ranking 

We found that Monfex has multiple regulation and safety issues, thus we do not rank positively Monfex, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Monfex Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Monfex Alternative Brokers

We revealed that Monfex has a lot of issues, especially in respect of its safety and customer care. Thus, here are much better Alternatives to Monfex with tight regulations and favorable trading conditions. We select Good Brokers and reliable options for your comparison below: 

• Trading 212 – Good for Low Costs Trading
• Dukascopy – Excellent for Futures Trading
• InteractiveBrokers – Good for Trading Real Stocks

Deposit & Withdrawal

At Monfex, making deposits and withdrawals is simple and quick. The broker offers multiple funding options, including Bank wire transfers, Visa and Mastercard payment cards, WireTransfer, etc. 

• All the deposits should be made from a single source 
• As a client, one can create any number of accounts and can make deposits in any of the real accounts.
• Traders can deposit funds using a variety of funding methods, such as Bank transfers, credit/debit cards, etc.

Monfex Review Conclusion

We advise all investors and traders to avoid Monfex and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

• Overall ranking and experience for Monfex is Negative

Is Capital Hall Scam or Legit Broker?

No, it is not safe to trade with Capital Hall. Capital Hall is owned by Capital Tech Ltd. which is an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, ProFxPremium, and more.

What is Capital Hall?

There is another company behind the brand's name, Pbox Ltd., registered in Bulgaria. However, we didn't find this company in the register of the Bulgarian Financial Supervision Commission.
Moreover, the broker has recently been blacklisted by the Central Bank of Ireland:
"The Central Bank of Ireland (‘Central Bank’) today, 18 February 2019, published the name of an unauthorized investment firm, Capital Hall/Capital Tech Ltd (Marshall Islands) – https://capitalhall.com. Capital Hall/Capital Tech Ltd (Marshall Islands) is not authorized to provide investment services in Ireland."

• We have also found out that Capital Tech Ltd. operates a few other brokers that were blacklisted by several regulators. Previously reviewed PBNTrade and PBNInvest that were blacklisted by the Austrian FMA.

Capital Hall Review Conclusion

We advise all investors and traders to avoid Capital Hall and other brokers from the Marshall Islands. Although not all offshore brokers are scams, there is still a big chance that you are risking your capital by signing in with an offshore broker. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as eToro and BlackBull Markets.

Capital Hall Update

Our research revealed that the Capital Hall website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is AAG Markets Legit or a Scam?

It is not safe to trade with AAG Markets as it is an offshore broker. AAG Markets is a trademark of AAG Ltd., registered and located in St. Vincent and the Grenadines.

• The fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements for the company operation. That means, the broker is not regulated, not overseen, and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, PrimeXBT, and more. Read more about St. Vincent and the Grenadines regulation by the link.

What is AAG Markets?

AAG Markets is a market leading trading platform, offering leveraged trading on digital as well as traditional assets. The company was founded in 2019 and has spent a long time acquiring the trust of its clients and partners. We currently serve clients in more than 75 countries by providing access to some of the world’s most lucrative trading markets.

• AAG Markets offers an intuitive trading system for both first time traders as well as professional traders that demand accurate market data and order performance.

AAG Markets in India

AAG Markets allows Indian traders to open accounts and trade. However, AAG Markets has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

AAG Markets in the USA

The United States is one of the countries that is not accepted by AAG Markets. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for AAG Markets, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

AAG Markets offers three account types: classic, platinum and VIP.

Minimum funding and the minimum deposit on the platform is for the Classic account and is rather high - USD 10,000, USD 200,000 for Platinum and USD 1,000,000 for the VIP one. 

Apps

TraderGO is an award-winning trading platform. Supports one-screen setup (chart can be dragged to the second screen). Access through both mobile and desktop. Traders can access stocks, mutual funds, ETFs, bonds, forex, CFDs, futures, commodities, forex options, listed options, trading strategies and managed portfolios.This platform is enhanced trade tickets, fundamental and technical analysis tools, extensive charting package, options chain, performance analysis and comprehensive account overview.

TraderPRO is a fully customisable, professional-grade platform that offers a fully customisable across six screens, with advanced workspace management and multi-channel linking between modules. Access on PC and MAC. The key features of the platform are ​​algorithmic orders, one-click trading, options chains and charting packages. Analyse your performance in detail with our revamped account section.

Demo Account

Demo account is not available.

AAG Markets Review Conclusion

We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

AAG Markets Update

Based on our findings, the AAG Markets website is no longer active. This means the broker has muted its trading offerings and does not operate, however, we recommend avoiding and staying alert in case of any proposals. 

Is CVC Markets Scam or Legit Broker?

No, it is not safe to trade with CVC Markets as it is an offshore broker. CVC Markets is incorporated in St. Vincent & the Grenadines as an International Broker Company with registration number 25380 BC 2019.

• St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost being low, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as FTE FX, PrimeXBT, and more. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is CVC Markets?

CVC Markets claims to be a leading online broker for trading Forex and CFDs on stocks, indices, metals, and more. It provides one of the highest leverage ratios in the Forex industry, up to 1:1000 for traders with MetaTrader 4 accounts. Their industry-leading spreads are as low as 0 pips (Also check Low Spread Brokers and No Spread Forex Brokers) on the «Pro» trading accounts on MetaTrader 4 platform. Stocks and Commodities CFDs offer traders an opportunity to profit from price movement without owning the asset. As stated on the website, all accounts come with a «no dealing desk» execution, which guarantees minimal slippage and lightning-speed execution. 

• The broker doesn’t provide any information about its regulation as well as its location. It provides the contact phone numbers with UK country codes, however, CVC Markets is not regulated in the UK or any other country. 
• In addition, CVC Markets has been blacklisted by the Spanish regulator CNMV:

“CVC Markets is not authorized to provide the investment services, which include investment advice, nor to provide the auxiliary in relation to the financial instruments, including, for those purposes, foreign currency transactions.”

CVC Markets Review Conclusion

We advise all investors and traders to avoid CVC Markets and other offshore brokers. The problems we revealed about the broker's regulations and reliability are a big red flag to avoid it and sign in only with trustworthy brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FXTM and XM.com.

CVC Markets Update

Recently the CVC Markets website remains inactive, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals. 

Is GoldenSkyCapital Scam or Legit Broker?

No, it is not safe to trade with GoldenSkyCapital, as it is an offshore company. The Website is owned by Golden Point LTD, a company incorporated under the laws of Marshall Islands, Registration Number: 99835, with its registered office at Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the low setup cost it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CobraCFD, Swissinv24, and more. As we already know, offshore registration usually doesn’t guarantee the safety of funds and clients’ protection, especially in the Marshall Islands, where the local authority doesn’t regulate forex businesses. 

What is GoldenSkyCapital?

GoldenSkyCapital is an international trading platform that provides innovative and safe trading in FOREX, Commodities CFDs, and Crypto Currencies. According to its website, GoldenSkyCapital provides a friendly, transparent, and safe environment for its traders, GoldenSkyCapital is pushing the envelope in building a custom-made trading program for each trader. The broker offers over 250 asset classes from across the globe with instant, high-speed access to Forex, Commodities, Indices, Stocks, and Crypto Currencies through the unique trading platform preferred access for traders around the world.

• The only contact information provided on the website is the phone number with the Swiss code. GoldenSkyCapital is not regulated in Switzerland to provide financial services. Moreover, the Swiss regulator has recently issued a warning against the broker:

GoldenSkyCapital Review Conclusion

We strongly advise all investors and traders to avoid GoldenSkyCapital and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

GoldenSkyCapital Update

Based on our findings, the GoldenSkyCapital website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is OneLife safe or scam?

What is OneLife?

• Moreover, Belize's financial regulator IFSC (International Financial Services Commission) has issued a warning regarding the company One Life Network Limited, stating:

"It has come to the notice of the IFSC that an entity calling itself ‘One Life Network Limited’, an International Business Company registered in Belize, is conducting trading without first obtaining the required license from the IFSC. This entity is not licensed/regulated by the International Financial Services Commission or any other competent authority in Belize to conduct any type of trading business."

• In addition, New Zealand's Financial Markets Authority has recently blacklisted OneLife along with its affiliate company OneCoin:

"We recommend extreme caution before investing with OneLife or OneCoin as we are concerned they bear the characteristics of a scam, including withholding client funds and promising unrealistic returns. We have received information indicating that OneLife and OneCoin are holding promotional events and seminars in New Zealand offering investment services in breach of New Zealand law."

OneLife Review Conclusion

OneLife Update